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    The Philippine Public Sector Auditing and Assurance Standards Framework

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    sunsetsailor85
    The document outlines 4 standards that govern public sector auditing in the Philippines: 1. General Standards which require auditors to have adequate training, maintain independence and impartiality, and exercise due professional care. 2. Field Work Standards which require adequate audit planning, review of compliance with laws, evaluation of internal controls, and obtaining sufficient evidence. 3. Reporting Standards which specify requirements for audit reports such as accurate and fair presentation of facts, objective language, and inclusion of underlying causes and corrective actions. 4. Quality Control Standards which require establishing quality control systems, implementing monitoring to ensure compliance with standards, and independent review of audit tasks.

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    The Philippine Public Sector Auditing and Assurance Standards Framework

    Uploaded by

    sunsetsailor85
    61 views3 pages
    The document outlines 4 standards that govern public sector auditing in the Philippines: 1. General Standards which require auditors to have adequate training, maintain independence and impartiality, and exercise due professional care. 2. Field Work Standards which require adequate audit planning, review of compliance with laws, evaluation of internal controls, and obtaining sufficient evidence. 3. Reporting Standards which specify requirements for audit reports such as accurate and fair presentation of facts, objective language, and inclusion of underlying causes and corrective actions. 4. Quality Control Standards which require establishing quality control systems, implementing monitoring to ensure compliance with standards, and independent review of audit tasks.

    Original Description:

    R2007-001_AnnexA

    Original Title

    R2007-001_AnnexA

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    The document outlines 4 standards that govern public sector auditing in the Philippines: 1. General Standards which require auditors to have adequate training, maintain independence and impartiality, and exercise due professional care. 2. Field Work Standards which require adequate audit planning, review of compliance with laws, evaluation of internal controls, and obtaining sufficient evidence. 3. Reporting Standards which specify requirements for audit reports such as accurate and fair presentation of facts, objective language, and inclusion of underlying causes and corrective actions. 4. Quality Control Standards which require establishing quality control systems, implementing monitoring to ensure compliance with standards, and independent review of audit tasks.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    61 views3 pages

    The Philippine Public Sector Auditing and Assurance Standards Framework

    Uploaded by

    sunsetsailor85
    The document outlines 4 standards that govern public sector auditing in the Philippines: 1. General Standards which require auditors to have adequate training, maintain independence and impartiality, and exercise due professional care. 2. Field Work Standards which require adequate audit planning, review of compliance with laws, evaluation of internal controls, and obtaining sufficient evidence. 3. Reporting Standards which specify requirements for audit reports such as accurate and fair presentation of facts, objective language, and inclusion of underlying causes and corrective actions. 4. Quality Control Standards which require establishing quality control systems, implementing monitoring to ensure compliance with standards, and independent review of audit tasks.

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    © All Rights Reserved
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    of 3

    Annex A

    THE PHILIPPINE PUBLIC SECTOR AUDITING AND ASSURANCE


    STANDARDS FRAMEWORK

    The conduct of government audit shall conform to the auditing standards comprised of
    the following:
    1.
    2.
    3.
    4.
    1.

    General Standards
    Field Work Standards
    Reporting Standards
    Quality Control Standards

    General Standards
    1.1 The audit shall be performed by a person possessed with adequate technical training
    and proficiency as auditor.
    1.2 In all matters relating to the audit work, the auditor shall maintain complete
    independence, impartiality and objectivity, shall avoid any possible compromise of his
    independence or any act which may create a presumption of lack of independence or
    the possibility of undue influence in the performance of his duties.
    1.3 The auditor shall exercise due professional care and be guided by applicable laws,
    regulations and the generally accepted principles of accounting in the performance of
    the audit work as well as in the preparation of audit and financial reports.

    2. Field Work Standards


    2.1 The audit work shall be adequately planned and assistants shall be properly supervised.
    2.2 A review shall be made of compliance with legal and regulatory requirements.
    2.3 An evaluation shall be made of the system of internal control and related
    administrative practices to determine the extent they can be relied upon to ensure
    compliance with laws and regulations and to provide for efficient, economical and
    effective operations.
    2.4 Audit opinions, conclusions and recommendations shall be based on sufficient
    competent evidential matter obtained through inspections, observations, inquiries,
    confirmation and other techniques.

    3. Reporting Standards
    3.1 Audit opinions in the Annual Audit Reports (AARs) shall be dated, signed manually
    and shall be issued in the manner provided by the regulations of the Commission.
    3.2 AARs shall include the Audited Financial Statements, findings and recommendations.
    3.3 Audit reports shall meet the following reporting criteria:
    3.3.1 Factual matter must be accurately, completely and fairly presented.
    3.3.2
    Findings must be presented objectively and in language as clear and simple
    as the subject permits.
    3.3.3
    Findings must be adequately supported by evidence in the audit working
    papers.
    3.3.4 Reports must be concise yet complete enough to be understood by the users.
    3.3.5
    Information on underlying causes of problems must be included so as to
    assist in implementing or devising corrective actions.
    3.4 Audit reports shall:
    3.4.1
    3.4.2
    3.4.3
    3.4.4

    Put primary emphasis on improvement; present critical comments in


    balanced perspective; recognize unusual difficulties or circumstances faced by
    officials concerned.
    Identify and explain issues and questions needing further study and
    consideration by the auditor, the agency and others.
    Include recognition of noteworthy accomplishments particularly when
    management improvements in one area or activity may be applied elsewhere.
    Include recognition of the views of responsible officials of the audited
    agency on the auditors findings, conclusions, and recommendations. Except
    where the possibility of fraud or other compelling reason may require
    different treatment, the auditors tentative findings and conclusions should be
    reviewed with officials. When possible, without undue delay, their view
    should be obtained in writing and objectivity considered and presented in the
    final report.

    4. Quality Control Standards


    4.1 The Auditor shall establish a system of quality control for audits and reviews of
    historical financial information, and for other assurance and related services
    engagements, in conjunction with the code of ethics.
    4.2 The auditor shall implement and monitor the system of quality control to provide
    reasonable assurance that he and his staff comply with professional standards and
    regulatory and legal requirements, and that reports issued are appropriate in the
    circumstances.

    4.3 The auditors should ensure that audit tasks are carried out to an acceptable level of
    quality by observing the above enumerated General, Field Work and Reporting
    Standards.
    4.4 An independent higher level quality control standards review of audit tasks to
    establish compliance with the above standards and ensure that work is carried out to an
    acceptable level of quality shall be undertaken by competent personnel not involved in
    the audits subject for review, in consultation with those involved in the audit.

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